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Russia Raises Interest Rate to 9.5%
The Central Bank of Russia has hiked its prime interest rate again, this time to 9.5%, in an effort to lower the country's 8.5% inflation rate.
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The Central Bank of Russia has hiked its prime interest rate again, this time to 9.5%, in an effort to lower the country's 8.5% inflation rate.
The bank's rate was 5.5% at the beginning of 2014. Three subsequent increases have failed to curb inflation, which the bank expects to remain above 8% until the end of March.
Analysts expect Russia's economic growth to slow to near zero through the next two quarters. The bank says it will begin easing its interest rate as soon as "a persistent trend" of lower inflation emerges.
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